33.8 C
Dubai
Tuesday, November 5, 2024
spot_img

UAE: Gold prices rise as investors focus on clues in Fed minutes – News

[ad_1]

Precious metals up half dirham per gram on Wednesday



Posted: Wednesday, August 17, 2022, 9:47 am

Gold prices rose on Wednesday morning ahead of the Federal Reserve’s final policy meeting minutes later in the day, which could provide clues for further rate hikes.

Spot gold was up 0.17% at $1,778.73 an ounce as of 9.13am UAE time.

In the United Arab Emirates, precious metal prices rose 0.5 dirham per gram on Wednesday.

24K gold opened at Dh215.5 per gram, up 0.5 dirham. While 22K, 21K and 18K were traded at Dh202.5, Dh193.25 and Dh165.5 per gram, respectively.

Edward Moya, senior market analyst at Oanda, said gold prices are struggling as global bond yields soar across the board.

“Treasury yields soared after the latest housing starts disappointment. The housing market is cooling as starts fell to a fresh 17-month low, which will be welcomed by the Fed. The Fed can continue its aggressive rate-tightening program, Because it’s working,” he said.

“All eyes will be on the Fed minutes, which may confirm that we need to see the next labor and inflation data before making calls that the Fed can slow the pace of tightening. Gold is likely to remain range-bound, Until it’s clear which way the market’s expectations are leaning, it’s either up 0.5 basis points or another 75 basis points,” Moya added.

waheedabbas@khaleejtimes.com

Also read:

[ad_2]

Source link

Related Articles

The Journey of Berrylush: A Story of Passion, Perseverance, and Purpose

In 2018, Berrylush was born from the shared vision of two IIM graduates, AnushaChandrashekar and Alok Paul, who saw a glaring gap in the...

UAE Strengthens Global Alliances: Landmark Diplomatic Engagements with Russia and Singapore Propel Strategic Partnerships

UAE has been actively engaged in high-level diplomatic efforts, further cementing its role as a key player on the global stage. Recently, President Sheikh Mohamed...

Sheikh Mohamed bin Zayed and Sheikh Mohammed bin Rashid Join Forces to Shape UAE’s Future Development

Sheikh Mohamed bin Zayed Al Nahyan and Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, convened for high-level discussions centered on the...

New Bridges on Al Khail Road Boost Mobility and Unlock Growth

New bridges on Al Khail Road marks a major milestone in the UAE’s commitment to enhancing mobility and supporting economic growth. As one of Dubai’s...

UAE Visa Amnesty Program Empowers Thousands with a Fresh Start.

UAE latest visa amnesty program has brought a wave of relief and optimism, offering thousands of individuals an opportunity to regularize their immigration status. Launched...

Latest Articles